Facebook reports average earnings, hits and misses some Wall Street expectations for Q1

Facebook has reported its first-quarter earnings today, with mixed results. In some regards, Facebook has done well; in others, Facebook didn't quite make the mark. For instance, Facebook pulled in a total of $1.46 billion in revenue, up 38 percent year-over-year. This beat analyst expectations of $1.44 billion.

On the other hand, Facebook reported earnings per share of 12 cents, which was below the analyst expectations of 13 cents per share. Mobile advertising accounted for 30 percent of Facebook's advertising revenue that totaled $1.25 billion.

Facebook is touting 1.11 billion active monthly users as of March 31, with 665 million being daily users. Mobile monthly active users came in at 751 million, a 54 percent growth year-over-year. Facebook still has some issues to work out, but at least it didn't completely miss the mark. Shares closed at $27.43, but are up slighting in after-hours trading.